The US Securities and Exchange Commission (SEC) is reportedly asking companies that bid to create Bitcoin (BTC) exchange-traded funds (ETFs) to make last-minute corrections before early 2024.
According to a new report from Reuters, anonymous sources familiar with the matter say that the regulator met with representatives of companies that had applied to create BTC ETFs and told them that they would make final changes by the end of the year in their paperwork.
Companies in discussions with the regulator include Cathie Wood’s ARK Invest and BlackRock, as well as crypto management firm Grayscale and crypto ETF issuer 21Shares.
The report shows that the SEC met with executives from 21Shares and ARK Invest – which jointly filed to create a spot market BTC ETF – and told them that companies that fail to meet the December 29 deadline will be excluded from the first round of possible approvals or denials.
Additionally, representatives from traditional exchanges such as Nasdaq and the Chicago Board Options Exchange (CBOE), as well as legal representatives of the ETF hopefuls, also attended the meetings, according to the report.
Two executives present at the meetings told Reuters that the agency could approve spot market BTC ETF applications in the first business days of next year.
Earlier this year, a federal judge ruled that the SEC must reconsider its rejection of Grayscale’s bid to create a BTC ETF to avoid inconsistency and arbitrariness. Previously, the SEC had approved BTC futures ETFs, but the regulator could not successfully argue in court why they approved futures ETFs but not those in the spot market.
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